Bitcoin Price Analysis - Bears in Control as BTCUSD Drops Below $8,000

XRP rises 7% as Bitcoin grinds support

Crypto Market mid-session update XRP spreads the excitement to Bitcoin and Ethreum

The double-digit rally is mirrored in XRP's price against the Bitcoin trading pair.

Bitcoin (BTC) is in a unsafe position as the price slipped below critical support level of $8,000 during early Asian hours.

Bitcoin 7-day price chart.

Bitcoin has been caught in a tight trading range between roughly $7,800 and $8,300 for the past several days, and its latest price action appears to further confirm the near-term strength of both the upper and lower boundaries of this range.

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Ether (ETH) is up 2.07% on the day, trading at nearly $178 at press time. On the week, the coin is up about 7.2%. Over the past 7 days, the second cryptocurrency by market cap is up by 5.7%.

Ether seven-day price chart.

After major cryptocurrency payment processor BitPay had partnered with Ripple's investment arm Xpring to support payments with XRP on October 2, XRP has seen a sharp growth today - up over 9% over the past 24 hours.

At the time of writing, TRX/USD is changing hands at $0.0152.

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Looking first at its performance in US-dollars, XRP looks to have broken out above resistance to hit a 13 day high of $0.275.

Still, XRP is not the only coin among the top 20 that is seeing significant gains. If the bulls persist, the crypto king could see the $9,000 in the short-term.

XRP, the native token of Ripple, is the best performing coin among top 10 tokens by market capitalization on Monday and in the past week.

While markets are reporting mixed signals, total market capitalization added nearly $2 billion over the past 24 hours.

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